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  • 4 Steps for Less Stress When Buying a Home in 2018

    With the New Year starting, many families are looking to buy a home in 2018. March  towards your home purchase goals with these tips from Liberty Mortgage Lending:

    1. Take you credit score seriously.

    Know where you stand. It’s important to constantly keep tabs on your credit score, especially when you are in the market to buy a house. Late payments, high balances and not paying attention to your income to debt ratio can lead to problems in the future. A good rule of thumb is to get your credit card balances to 30% of your credit lines. Every financial step in the right direction to increase your credit score equates to lower mortgage interest rates.

    “Erez is the best! This is the 3rd time my husband and I have used him to purchase, then refinance our home. He made every part of an often stressful process easy to understand and accomplished it quickly. I would highly recommend him to anyone purchasing or refinancing their home.” – jennarossman | Coral Springs, FL

    2. Don’t open new credit cards or change jobs.

    In preparation for buying a home, it’s crucial to NOT open new credit cards or revolving credit lines. For example, if you want to buy new furniture – save up and pay in cash. Opening credit lines with stores and applying for credit cards online are indicators to lenders that you cannot maintain your current finances. You will need to prove that you have stable employment as well, so a new job, especially in a new industry – is frowned upon. Rest assured that the Liberty Mortgage Lending team will provide expert guidance in this area.

    3. Waiting will cost you.

    Mortgage rates are at historic lows, but continue to increase daily. There will be several more interest hikes to come in 2018 with no end in site. Every time the Federal Reserve announces an interest rate increase, mortgage rates go up. Even the smallest increase in rates will cost your thousands in the short term and even more in the long term. It is important to lock in a low rate before the new rate hikes.

    4. Get Pre-Approved.

    Having a pre-approval letter lets sellers know that you really can buy their house.  Most real estate agents will not book showings of properties without a pre-approval letter – it shows that you are serious about buying a home. But how do you get pre-approved? You only need several documents to prove your identity, employment and financial health – all of which will be outlined for you by Liberty Mortgage Lending.

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